SEC Crypto Unit Expansion Is A Warning To Industry

By Joanna Wasick, Teresa Goody Guillén and Veronica Reynolds (June 22, 2022, 3:22 PM EDT) — On May 3, the U.S. Securities and Exchange Commission announced the expansion of its Crypto Assets and Cyber Unit — formerly known as the Cyber Unit — by adding 20 new positions, including supervisors, investigative staff attorneys, trial counsel and fraud analysts, nearly doubling its former size.[1]

The unit is a group within the SEC’s Division of Enforcement and was created in 2017 to target and remediate crypto- and cyber-related misconduct that affects retail investors.[2]

The increase in the unit’s size indicates that the SEC is intently focused on crypto-related enforcement for both prior and future conduct, and will leverage more resources to investigate cryptocurrency…

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